During the Crude Oil Refinery-owners Association of Nigeria Summit in Lagos, Aliko Dangote, the President of Dangote Group, urged the federal government to put an end to all crude oil for loan deals. Represented by the Executive Director of Dangote Group, Engr Mansur Ahmed, Dangote emphasized the importance of protecting the country’s future wealth by avoiding such agreements.
He pointed out that the Nigerian government should not mortgage its resources through these deals.
“To ensure sufficient feedstock availability, we will need to stop mortgaging crude. It is unfortunate that while countries like Norway are putting oil proceeds into a future fund through their national wealth funds, in Africa, we are spending oil proceeds from the future today,” he stated.
In June 2024, African Export-Import Bank disbursed $3.175 billion to Nigeria as part of a $3.3 billion crude-for-loan syndicated facility, which he believes is not beneficial in the long run.
Additionally, Dangote advised the government to completely remove fuel subsidies.
